BY WAYNE GREENE World Senior Writer
Friday, March 08, 2013
Legislative efforts to use state economic development tax incentives to spur the hiring of veterans – once reported missing in action in a House committee – got a hero’s welcome on the chamber’s floor Thursday.
House Bill 1416, authored by Rep. Elise Hall, R-Oklahoma City, passed the House on a 87-6 vote Thursday. The bill now goes to the state Senate for consideration.
The proposal would allow certain expanding companies that are eligible for Quality Jobs Act tax incentives to get higher incentives if at least 10 percent of their total payroll goes to veterans. Eligible expanding companies that meet the veterans standard could receive cash payments from the state of up to 6 percent of new taxable payroll for up to 10 years. For companies that don’t meet the standard, the cap is 5 percent.
State Commerce Department spokesman Don Hackler said the proposal would not cost the state anything, but it would create a new incentive for relocating and expanding companies in the state.